Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Metals USA Holdings Corp. (“Metals USA” or the “Company”) (NYSE: MUSA) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Reliance Steel & Aluminum Co. (NYSE: RS) in an all-cash deal valued at approximately $766 million. Under the terms of the proposed transaction, Metals USA’s stockholders will receive $20.65 for each share of Metals USA common stock they own, while according to Yahoo! Finance, at least one financial analyst has set a price target of $21 for Metals USA.
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The investigation focuses on whether Metals USA’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of Metals USA’s shareholders.
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